Valley Cottage, NY /PRNewswire/ -- Owing to growing demand for optical, wireless, and high frequency consumer electronics products, requirement for the radio frequency integrated circuits (RFIC) is rising. Mostly used in electrical integrated circuit operating in a frequency range suitable for wireless transmission, radar, and communication, the global radio frequency integrated circuits market is witnessing considerable growth owing to the overall consumer shift towards wireless capabilities in electronics. Increasing dependence on Internet of Things (IoT) and deployment of 5G network across the globe are two major factors that are likely to push the global radio frequency integrated circuits market to US$ 72,616.4 Mn by 2028.
As per a new market analysis by Future Market Insights (FMI), the global radio frequency integrated circuits market is estimated to expand at a robust CAGR of 7.0% over the forecast period of 2018-2028. The sales of RFIC is likely to take into account increasing connected devices and advancements in telecom industry across the globe.
The report also evaluates various trends, drivers, restraints, value forecasts, and opportunities in the global RFIC market. Moreover, the growth trajectory of the global RFIC market has been studied for a 10-year period, with comprehensive insights on the performance of the various regional markets and key players.
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5G Wave, Consumer Electronics Demand & Connected Automotive to Augment RFIC Adoption
Used in various consumer electronic devices including laptops, desktop, and other data communication systems, radio frequency integrated circuits improves efficiency and rectifies high-frequency in electronics. Increasing global demand for consumer electronic devices, along with growing number of Internet users and telecommunication devices are some factors likely to aid further growth of the global RFIC market. Countries including China, India, Brazil and Japan, are anticipated to create opportunities in the global radio frequency integrated circuits market.
Moreover, the automotive industry is increasingly using connected technologies such as V2I (vehicle-to infrastructure), V2V (vehicle-to-vehicle), V2P (vehicle-to-pedestrian) and V2D (vehicle-to-device). Advanced features such as voice control, wireless charging capabilities, back-up cameras and blind-spot awareness, among others are also being implemented by automotive manufacturers. With automotive OEMs, electronic instruments manufacturers, telecom service providers, and IT service providers coming together to implement next-generation technologies, future vehicles are likely to be loaded with connected car innovations, fueling the adoption of radio frequency integrated circuits.
With the telecom infrastructure moving towards 5G networks and high speed services, operators are increasingly using radio frequency integrated circuits in various applications in the telecom industry. In turn, giving an opportunity to global RF integrated manufacturers to innovate 5G-compatible RFIC solutions. Increasing number of data-driven consumers demanding advanced applications such as augmented reality, IoT, and autonomous living among other advance technologies is expected to result in the steady growth of the RFIC market.
Preview Analysis Radio Frequency Integrated Circuit (RFIC) Market Segmentation By Product Type (Transceivers, Power Amplifier, Wireless Chips, Bluetooth Chip, Others); By Vertical Type (Consumer Electronics, Telecommunication, Media and Broadcasting, Automotive, Government, Others): https://www.futuremarketinsights.com/reports/radio-frequency-integrated-circuit-market
However, changing import tariffs and taxes imposed on consumer electronic goods-affecting the sales of semiconductors and related electronic chips in regions like US, UK, Germany, Japan, and China is likely to have ramifications on the global adoption of radio frequency integrated circuits.
Regionally, with increased technological advancements to cater to large local demand for electronic products, SEA and APAC are likely to remain key markets in the global RFIC market. Moreover, manufacturers in North America, primarily in the U.S., are likely to acquire contracts with science and technology entities to meet the growing demand for advanced features in RFICs. Eastern Europe is mostly driven by the automotive industry using RFIC- integrated advance and automated technologies.
Underlying technological advancements and RFIC demand is predicted to present soaring opportunities to key players including Samsung Electronics, Qualcomm Integrated, Silicon Laboratories, Texas Instruments Incorporated and Maxim Integrated. Key companies are focusing on long-term contracts with business partners and product innovation strategies to expand their global footprint and reach potential customers in emerging markets.
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